https://www.taxtmi.com/caselaws?id=766586 ITAT Ahmedabad ruled in favor of the assessee regarding unexplained cash deposits under Section 69A. The tribunal held that when an assessee demonstrates cash withdrawals from which subsequent deposits were made, the source is adequately explained unless the Revenue proves specific expenditure that prevented the assessee from having adequate cash. Following precedents from ITAT Hyderabad and Delhi, the tribunal found that time gaps between withdrawals and deposits don't automatically constitute undisclosed income. The Department failed to prove the withdrawn cash was used for other purposes. The assessee's appeal was allowed. en-us Thu, 20 Feb 2025 00:00:00 +0530 Fri, 28 Feb 2025 08:23:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766586 ITAT Ahmedabad ruled in favor of the assessee regarding unexplained cash deposits under Section 69A. The tribunal held that when an assessee demonstrates cash withdrawals from which subsequent deposits were made, the source is adequately explained unless the Revenue proves specific expenditure that prevented the assessee from having adequate cash. Following precedents from ITAT Hyderabad and Delhi, the tribunal found that time gaps between withdrawals and deposits don't automatically constitute undisclosed income. The Department failed to prove the withdrawn cash was used for other purposes. The assessee's appeal was allowed. Case-Laws Income Tax Thu, 20 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766586